Zhejiang Geely Holding Group reported on Tuesday that it delivered 2.15 million vehicles in 2018, up 18.3 percent year-on-year. The figure doubled that of 2015, which stood at roughly 1 million.

Geely maintained its great growth momentum despite a generally grim picture in China's auto market.

Statistics from the China Passenger Car Association showed that retail sales of passenger cars in China fell 5.8 percent in 2018 to 22.35 million, the first annual drop since 1990.

Geely's statement is believed by insiders to be a response to a Bloomberg report saying the company cut a 5.4 percent stake in Daimler AG on Jan 11.

The report said that the Geely Group had cut its 9.7 percent stake in Daimler AG by more than half less than a year after the company had made what was the biggest overseas acquisition by a Chinese automaker. And on the same day, Geely denied it.

Currently, Geely sells vehicles under the Geely Auto, Lotus, Lynk & Co, Proton, and Volvo brands. Besides those in China, it has also established plants in the US, the UK, Sweden, Belgium, Belarus and Malaysia, and has a sales network covering more than 100 countries across the world.

Despite the growth bucking the domestic declining trend, Geely still faced challenges. Its sales under Geely Auto Group grew 20 percent from 2017 to 1.5 million last year, but it missed its target by 5 percent.

It is also notable that it does not expect the rise to continue, setting a sales goal of 1.51 million for 2019.

As most consumers hold a wait-and-see attitude Nomura Securities is of the view that more emphasis should be put on inventory management and maintaining profitability rather than sales growth.

A Geely branded car runs on the road. [Photo/taizhou.com.cn]